What to do with Pattaya condo?

[wprime]

I've got a condo in Jomtien which I don't use much anymore and was wondering if I can get some perspectives on the current rental and sales markets in Pattaya.

 

It's a penthouse with 2 beds both with ensuites + powder room with the master with an ensuite jacuzi, study and walk-in robes. It has a  full sized kitchen, open-plan lounge and dining areas and a wrap around balcony with access from both bedrooms and living areas with views (about 100m) to Jomtien Beach. Total size is about 300sqm. Bought in 2008 for 15MB.

 

Does anyone have any experience renting out property in Pattaya? Any recommended agents? Any things I should avoid? Is it actually worth renting out or is it more likely to be trashed to a greater expense than the rental income? It's always been my private residence so it's furnished well and well kept so perhaps I'm a bit over-protective.

 

Alternatively is it worth selling? I've heard nothing but bad things about the property market in Pattaya lately, is it all true? Is there an approximate going rate per sqm in Jomtien or a good website where I can do comparisons? I can't imagine they can be building new condos cheaper than the 50,000/sqm I paid so hopefully it's gone up a bit.

[trogers]

Value depends on which is the rule of the day - demand for such a space or lack of such demand, and the replacement cost.

 

It's like saying I have built a castle in the midst of a rice field and it's value must have risen due to a rise in cost to build another similar castle in the rice field...

[wprime]

12 minutes ago, trogers said:

Value depends on which is the rule of the day - demand for such a space or lack of such demand, and the replacement cost.

 

It's like saying I have built a castle in the midst of a rice field and it's value must have risen due to a rise in cost to build another similar castle in the rice field...

 

You're right it's all down to supply and demand but supply is affected by construction costs (or in theory should be) so it is a factor in the long term. I did say 'hopefully', not 'must have'.

[johng]

Supply and demand doesn't always work they way youwould think in Thailand..There are still empty buildings left from the 1997 crash with new builds going on all over,some reports say there are 30,000 "condo rooms" waiting for a buyer.

Often an item will sell out very quickly in the supermarket and its not restocked...other items don't sell well so the price is increased !

[guzzi850m2]

It sounds like a top-end unit.

 

I read somewhere that there is a market for those but much depends of the state of the whole condo building.

 

Since it will be expensive for renting the chances are that people renting it will be well off and not likely to trash it but off-course no garrenties and you can try setting it up for rent long term only.

 

If I was you I will try finding a serious real estate agent and have a talk with him/her, not all of them are bad.

 

 

[trogers]

5 minutes ago, johng said:

Supply and demand doesn't always work they way youwould think in Thailand..There are still empty buildings left from the 1997 crash with new builds going on all over,some reports say there are 30,000 "condo rooms" waiting for a buyer.

Often an item will sell out very quickly in the supermarket and its not restocked...other items don't sell well so the price is increased !

What is on offer is much different from most of these 30,000 shoeboxes...

 

That said, is the penthouse on the top of shoeboxes? A condo is community living after all.

[Peterw42]

9 minutes ago, trogers said:

What is on offer is much different from most of these 30,000 shoeboxes...

 

That said, is the penthouse on the top of shoeboxes? A condo is community living after all.

Thats right, its a condo thats bigger than most houses, That size and price is in direct competition with a nice big house with your "own" pool and garden, 3-4 bedrooms, maid quarters etc. 

Edited January 30, 2017 by Peterw42

[wprime]

It's actually a pretty decent building, I think the smallest units are about 60sqm, healthy sinking fund levels with no sinking find payments in the foreseeable future, about 100k per year kha suan klang. Only real issues are the difficulties in getting things passed at the body corporate meetings as we often don't have enough votes present as a lot of the owners are o/s (part my fault).

 

Any agent recommendations?

 

I get what you're saying about supply and demand, people have said there's an oversupply of condos in Pattaya but they still keep building them.

[trogers]

12 minutes ago, Peterw42 said:

Thats right, its a condo thats bigger than most houses, That size and price is in direct competition with a nice big house with your "own" pool and garden, 3-4 bedrooms, maid quarters etc. 

Most of us would not have a house to return to after being away for 6 months...

 

And having to own one through a Thai name or company...

[Lovethailandelite]

That's a quality Condo and will always sell. Plenty of serious buyers out there looking for that size of unit and location.
Speak with Robert at Five star villas and condos, Pattaya. He is a good guy who won't rip you off or promise anything he cannot do with a great reputation and specializes in quality property.
Call <contact member by PM for the phone number>

Edited January 30, 2017 by ubonjoe
phone number removed per forum rules

[gusincebu]

If u haven't already ..
Google .
Pattayacondoguide.com
Lots of examples of what is offered and what is being asked .
Of course many of these have been listed for a very long time .

Sent from my ASUS_T00J using Tapatalk

[Jeddah Jo]

What sort of rent would you be looking for on a place like that?

[Lovethailandelite]

46 minutes ago, Jeddah Jo said:

What sort of rent would you be looking for on a place like that?

In the region of 75,000-85,000THB a month but possibly a lot more depending on the decor and building facility's for a 12 month contract. Plus a security deposit.

http://www.fivestarvillasandcondos.com/

 

Edited January 30, 2017 by Lovethailandelite

[dotpoom]

You could always advertise it........just like you have done here.

[sandgroper2]

He's just trolling.

[12DrinkMore]

Condo expected lifespan is 50 years.

 

So at least 20% gone already..........

 

[BigDaddy66]

Pattaya property market is crashing.

Sell when you still can.

[TheFishman1]

Put it on the market see what happens TIT

[Theo007]

David Grey of East Coast Estate Agency for the best advice.

[jinners]

On 1/30/2017 at 8:45 AM, wprime said:

It's actually a pretty decent building, I think the smallest units are about 60sqm, healthy sinking fund levels with no sinking find payments in the foreseeable future, about 100k per year kha suan klang. Only real issues are the difficulties in getting things passed at the body corporate meetings as we often don't have enough votes present as a lot of the owners are o/s (part my fault).

 

Any agent recommendations?

 

I get what you're saying about supply and demand, people have said there's an oversupply of condos in Pattaya but they still keep building them.

I can only go with personal experience here and tell you I've had great service from both Alan Bolton and East coast, the Jomtien office. If you'd like names PM me. 

As for the other questions, it's all subjective. You'll get a lot of negativity on here but yours sounds like a nice place. Rental is always a risk but I have places in the UK which have 90% been rented to good people. A recent experience left a very bad taste in my mouth, but that's what I said, there's always a risk

good luck

[BKKMG]

I believe the OP was simply asking if ppl had an idea of what to charge per month and is it viable to do so as opposed to selling it in the current market. 

[amjamj]

1 hour ago, 12DrinkMore said:

Condo expected lifespan is 50 years.

 

So at least 20% gone already..........

 

 

 

50 years ? Ridiculous.

 

 

[crazygreg44]

i am trying to imagine how much he is paying for management fee alone for a 300 sqm empty penthouse apartment.

 

I'd be rather handing it to an agent and try to secure at least half of the purchase price back, before the premises get to old and start to crumble into pieces.

 

Maybe I am wrong and there's an "oversupply" of luxury condo buyers? 

Edited January 31, 2017 by crazygreg44

[joebrown]

1 hour ago, Theo007 said:

David Grey of East Coast Estate Agency for the best advice.

I sold through East Coast and am happy to recommend them.

[Ulic]

Like sailboats condos are easy to buy and hard to sell. I would guess a 20-30% drop from your purchase price. The real estate agent will let you know. The biggest issue will be how quickly you want to sell. If you are realistic and patient probably a 20% loss. If you are in a hurry 30 %.  Best of luck 

[Autonuaq]

Just rentel in teh dame area fully furnished 3 bed room 3 bath room about the same for 18.000 thb excluding electricity and water.

 

Furnish is 2 years old inclusing the 12 month that the Condo was empty for 12 months before rented.

 

You also have to be prepared that you need to fillout the tm30 and other document as ordered or needed by immigration

 

[Michael8511]

If you look in Jomtien VT1 2 buildings VT2 2 buildings half the condos are not sold and the one sold rents high season. VT5 C & D over a 3rd of condos not sold and the rest difficult to rent except high season. They ask to much rent so the condos are empty instead and don't know if that's good business or the owners.

VT7 2/3 not sold rest only rents high season, here same thing to high rent for long term. I'm renting long term in VT5 and the condo next door was rented last new year 2 weeks to 8 Russians, the condo came back decked to the owner. She asked me after she Renovated if I liked to take her co do to same price I pay today but we liked to stay. Her condo empty si ce last February, I had a friend that liked to rent long time in October  for 15.000 a month but then she said its rented 2 month (dec-Jan) for 45.000 total. Today she came crying that the person rented had smoked inside and burn mark on sofa and bed. She now have to fix it again and wash the walls it stink of smoke. Asked if she got the security and she said no they gave it back.  I told her you should have rented for 15.000 for a year that would have been 180.000 now you got 45.000 and will fix it for 10.000 and it will be empty another year. There is a lot of old people that are on budget and take care of their rental as it was their own but can't afford 20.000 per month. 

[lkn]

12 minutes ago, Ulic said:

Like sailboats condos are easy to buy and hard to sell. I would guess a 20-30% drop from your purchase price. The real estate agent will let you know. The biggest issue will be how quickly you want to sell. If you are realistic and patient probably a 20% loss. If you are in a hurry 30 %.  Best of luck 

So you think OP can only get 35,000-40,000 baht per sq. m. for his upscale penthouse with sea view?

 

I haven’t seen the property or know the exact location, but at that price, I would certainly be interested!

[newnative]

There's a glut of condos out in the middle of nowhere with no seaviews and nothing much to recommend them.  Hundreds of condos all furnished the same sporting either a noisy pool view or a lovely view of the parking lot and nowhere near public transportation, shopping, the beach, or anything else of note.  Good luck standing out from the crowd.  Meanwhile, there aren't that many quality 2 bedroom 2 bath condos with seaviews in good locations on offer.  I would make sure the condo is in tip top shape, get rid of all the clutter, personal items such as photographs, etc., and then have agents from all the top agencies come and have a look see.  I'm sure they will all want to list it.  Check with them for realistic pricing and also see if there are any other condos for sale in the building and what they are priced at.  Some of the agents will likely want to take their own photos for the listing.  Higher priced condos will sometimes take longer to sell but I think you will eventually find a buyer.  When you speak with the agents you could also sound them out about renting the condo and have both options on the table.  Your condo sounds like a quality one and it might attract an executive rental.  It doesn't sound like you are strapped for cash so my main advice would be to get it listed everywhere and then be patient. 

[Naam]

On 1/30/2017 at 9:12 AM, Lovethailandelite said:

That's a quality Condo and will always sell. Plenty of serious buyers out there looking for that size of unit and location.

please quantify "plenty" serious buyers who are prepared to shell out half a million Dollars for a condo (the OP expects a slightly higher price than the amount of 15m Baht paid in 2008).